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Getting Out of Debt
One of the biggest needs in our country is for good information for people to learn how to get out
of debt. Millions of people genuinely need help getting
out from under their heavy debt burden, to help keep them
out of bankruptcy.
Because of the piles of email that we
receive, we have decided to share tips on how you can get out of
debt. This is the first installment of a new series of articles.
Here are some quick tips to help you get
started.
First Steps Towards Debt
Reduction
Don’t let your credit card debt get any bigger.
Put all of your credit cards away. From now on try to use
cash for all of your future purchases. And, of the credit cards that
you have left, do not carry them with you.
Never pay just the minimum payments. Credit card companies require you to
pay a minimum amount each month. Banks are
counting on you to only make the minimum, that's
how they make billions of dollars in profit. For
example, if you owe $1000 on a credit card and make the
minimum monthly repayment, it could take you
more than 20 years to repay that debt!
Try to negotiate a lower interest rate. Contact your credit card issuer(s) and ask them
to reduce the rate of interest on your account. They always have
some sort of special offer that they could give you
for perhaps 6 months. Tell them that you'll move your balance
elsewhere if they don’t give you the going rate. Who knows, they
may be able to offer you something better, after all,
you represent regular income for them.
Although it may have been very easy to get to this point (spending is the easy part),
getting out of debt takes some strong initiative on your part. |